1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report In the first half of 2025, the issuance volume of innovative multi-core enterprise combination mode products and external credit enhancement products increased significantly. Financial institutions such as guarantee companies and commercial banks played the role of a link between fund demanders and providers, expanding the service scope of supply chain asset - backed securities products. The number of core enterprises participating in product issuance increased significantly, and the covered regions and industries also broadened. Meanwhile, against the backdrop of the deep - seated market - oriented operation transformation of local state - owned enterprises, the prominent demand for working capital reduction in the construction industry, and the significant increase in the trading activity of the ABS market, the utility of supply chain asset - backed securities products in asset revitalization became prominent. The market issuance recovered significantly, the product term design tended to be long - term, and the issuance interest rate continued the downward trend [61]. 3. Summary According to the Directory 3.1 Issuance Situation - In the first half of 2025, 137 supply chain - related asset - backed securitization products were issued in the exchange market, with a total issuance scale of 69.801 billion yuan, a year - on - year increase of 35 units and 35.24% in scale. The products accounted for 11.25% of the total issuance scale of enterprise asset - backed securitization products in the exchange market during the same period, a year - on - year increase of 0.22 percentage points [3][4]. - In terms of issuance venues, 104 products were issued on the Shanghai Stock Exchange, with a scale of 57.58 billion yuan, accounting for 82.49%; 33 products were issued on the Shenzhen Stock Exchange, with a scale of 12.221 billion yuan, accounting for 17.51% [6]. - In terms of product issuance scale distribution, 130 products had a single - product issuance scale of 1 billion yuan or less, with a total scale of 59.45 billion yuan, accounting for 85.17% [8]. - In terms of product term distribution, products with an expected term of more than 1 year had a significant increase in issuance volume and scale, with the number of issuance units increasing by 47 and the scale increasing by 132.03% year - on - year [10]. - In terms of initial credit rating distribution, AAAsf - rated securities had a total issuance scale of 54.854 billion yuan, accounting for 78.59%, and AA + sf - rated securities had a scale of 14.63 billion yuan, accounting for 20.96% [11]. - The average issuance interest rate of AAAsf - rated supply chain - related asset - backed securities with a term of about 1 year was 2.20%, and the median was 2.10%, down 49BP and 54BP year - on - year respectively [3][13]. - The average issuance spread based on the 1 - year Treasury bond yield as a benchmark narrowed compared with the same period of the previous year, and the average spread based on the 1 - year corporate bond yield was basically the same as the previous year [18]. 3.2 Core Enterprise Analysis - In the first half of 2025, 122 single - core enterprise products involved 70 core enterprises, with a scale of 63.809 billion yuan, accounting for 91.42%; 15 innovative multi - core enterprise combination products involved 64 core enterprises, with a scale of 5.992 billion yuan, accounting for 8.58%. The number of core enterprises increased significantly year - on - year [24][25]. - In terms of enterprise nature, 122 single - core enterprise products involved 68 state - owned enterprises and 2 private enterprises, with corresponding issuance scales of 55.86 billion yuan and 7.949 billion yuan respectively. The number of state - owned enterprises increased by 21 year - on - year, and the number of private enterprises decreased by 2 [29]. - In terms of regional distribution, single - core enterprise products involved 18 regions, with broader coverage. The top three regions, Beijing, Guangdong, and Shandong, had a total issuance amount of 31.283 billion yuan, accounting for 49.03% [30]. - In terms of industry distribution, single - core enterprise products involved 14 industries, with broader coverage. The infrastructure investment and financing, construction, real estate, and trade industries still led in terms of issuance scale. The issuance scale of the construction industry increased by 30.51% year - on - year, and that of the infrastructure investment and financing industry increased by 104.69% year - on - year [33]. - In terms of public credit ratings, core enterprises of single - core enterprise products were mainly rated AAA and AA +, with a corresponding issuance scale of 61.279 billion yuan, accounting for 96.04% [37]. 3.3 Original Equity Holder Situation - In the first half of 2025, 30 original equity holders or their agents were involved, all of which were factoring companies. The top five original equity holders had a total issuance scale of 47.954 billion yuan, accounting for 68.70% [40]. - 21 factoring companies had no affiliated relationship with the core enterprises of their issued products, with 105 issuance units and a scale of 52.263 billion yuan, accounting for 74.87%; 9 factoring companies had an affiliated relationship, with 32 issuance units and a scale of 17.538 billion yuan, accounting for 25.13% [45]. 3.4 Product Structure Design - In terms of sub - level securities setting, 121 products had a sub - level scale ratio between 0% (excluding) and 2% (including), with a corresponding issuance scale of 65.157 billion yuan, accounting for 93.35% [48]. - In terms of credit enhancement arrangements, 128 products were fully credit - enhanced, with a scale of 64.632 billion yuan; 4 products were single - debtor non - credit - enhanced, with a scale of 1.953 billion yuan; 5 products were multi - debtor non - credit - enhanced or partially credit - enhanced, with a scale of 3.216 billion yuan. The scale of fully credit - enhanced products increased by 42.89% year - on - year [50]. - 113 products had core enterprises or their affiliated companies as credit enhancement subjects, with a scale of 61.281 billion yuan, a year - on - year increase of 30.19%; 19 products had external guarantee companies and/or banks as credit enhancement subjects, with a scale of 5.951 billion yuan, a year - on - year increase of 244.39% [53]. 3.5 Filing, Secondary Market Trading, and Maturity Situation - In the first half of 2025, 139 supply chain - related asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 77.576 billion yuan, a year - on - year increase of 34 units and 37.73% in scale [55]. - In the secondary market, supply chain - related asset - backed securities had 2,528 transactions, with a total scale of 49.509 billion yuan, accounting for 9.93% of the total trading scale of enterprise asset - backed securities in the current year. The number of transactions increased by 1,070, and the scale increased by 75.31% year - on - year [57]. - In the second half of 2025, 242 outstanding supply chain - related asset - backed securities were expected to mature, with a total maturity scale of 57.688 billion yuan, accounting for 18.66% of the total scale of all maturing asset - backed securities during the same period [58].